Reactivate Your Seychelles IBC Today...
The Seychelles IBC law has undergone significant changes, leading many company owners to stop, terminate, or dissolve their Seychelles IBC or offshore company. However, many of these IBCs still have unfinished business, such as ongoing legal issues, blocked assets, and bank accounts subject to bank liquidation procedures. Natural attrition of customers was emphasized by the changes in the Seychelles IBC law, with the most closures and reactivations occurring due to the beneficiary’s initiative or the actions of sanctioned corporate service providers and registered agents whose licenses get revoked or suspended.
IBC Law Changes and Beneficiary Rights
The changes in the IBC law do not automatically transfer corporate rights to the beneficiary, while personal liability may be imposed on the beneficial owner of the late company. This far from ideal situation can leave beneficiaries in a precarious position, potentially losing property rights, facing inheritance issues, and dealing with loss of limited liability and personal liability concerns.
Reasons to Reactivate an Offshore Company
Loss of property rights: When a company is inactive or dissolved, its property rights may be at risk. This could lead to the loss of assets, intellectual property, or other property rights that were previously held by the company. Beneficiaries may need to take legal action to protect these rights, reactivate their company, or regain control over the assets.
Inheritance issues: In the case of inheritance, if the company is inactive or dissolved, beneficiaries may face challenges in claiming their shares or interests in the company. It may also lead to disputes among beneficiaries or other potential claimants, necessitating legal intervention to resolve such conflicts.
Loss of limited liability: The limited liability protection offered by a separate legal entity may be compromised for beneficiaries if the company is inactive or dissolved. This could expose beneficiaries to personal liability for the company’s debts, obligations, or legal claims.
Personal liability: Beneficiaries of an inactive company might be exposed to personal liability if the company’s legal separation is not maintained or if the company has outstanding debts, obligations, or legal claims. In such cases, creditors or claimants may hold beneficiaries personally liable for the company’s debts or obligations.
Tax consequences: Beneficiaries may face tax implications due to the company’s inactive status. They might be liable for unpaid taxes, penalties, or interest accrued during the inactive period. Additionally, they may lose access to tax benefits that were previously available to the company.
Contractual obligations: Beneficiaries may be held responsible for fulfilling the company’s outstanding contractual obligations or face legal consequences for any breaches that occurred during the company’s inactive period. This could include obligations to suppliers, clients, or employees.
IBC Act and Repealed IBC Law
The International Business Companies Act and the repealed IBC law provide ample justification for the need to reactivate the company and reinstate it in the corporate registry of Seychelles. Failure to do so can lead to the aforementioned legal issues and loss of valuable rights.
Next Steps…
If you’re considering reactivating your Seychelles IBC, contact us to discuss your needs so that we can tailor a sound solution to your unique situation, rather than merely selling you a company.
Don’t let your valuable assets and rights slip away. Contact us today to reactivate your Seychelles IBC and protect your wealth with our expert guidance. Secure your future now by calling, emailing, or completing the contact form on our website.
Contact us today to discuss your needs:
- Call us at +357 2225 7680 or +357 2505 7544.
- Email us at [email protected], or
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